Google Targets $1 Billion Investment In Nigeria, Other African Countries

Google has revealed that it will be investing $1 billion to spur “digital transformation” across Africa.

This will include landing a subsea cable in the continent to enable faster internet speeds, low-interest loans for small businesses, equity investments into African startups, skills training and more, reports TechCrunch

The subsea cable will cut across South Africa, Namibia, Nigeria and St Helena, connecting Africa and Europe.

The plans are being unveiled today (Wednesday) at a virtual event led by Google CEO Sundar Pichai.

“We’ve made huge strides together over the past decade — but there’s more work to do to make the internet accessible, affordable and useful for every African.

“Today I’m excited to reaffirm our commitment to the continent through an investment of $1B over five years to support Africa’s digital transformation to cover a range of initiatives from improved connectivity to investment in startups,” Pichai said.

The company revealed that the investment will be injected over a five-year period into projects that will be implemented in African countries including Nigeria, Kenya, Uganda and Ghana.

Google also launched the Africa Investment Fund, where it will invest an additional $50 million in start-ups across the continent, providing them with access to Google’s employees, network, and technologies to help them build meaningful products for their communities.

The tech giant also revealed that, in collaboration with Kiva, a San-Francisco based non-profit lending organization, it would disburse an additional $10m in low-interest loans to small businesses in Ghana, Kenya, and South Africa, to alleviate hardships brought by the COVID-19 Pandemic.